Fraport AG · XETR:FRA
Fraport — 6M 2020 Earnings Presentation
33 slides from Fraport's earnings presentation, Aug 4, 2020
Slide 1: 6M 2020 Results | 7M 2020 Traffic IR Presentation
6M 2020 Results I 7M 2020 Traffic IR Presentation Dr. Matthias Zieschang Titelmasterformat durch Klicken bearbeiten Formatvorlage durch Klicken bearbeiten
Slide 2: Disclaimer
Disclaimer This document has been prepared by Fraport solely for use in this presentation. The information contained in this document has not been independently verified. No representation or warranty – whether express or implied – is made as to, and no reliance should be placed on, the fairness, ac
Slide 3: Agenda: 6M 2020 Results
1 I 6M 2020 Results 2 I Business Update 2 3 I Outlook 3 4 I Appendix 4
Slide 4: Financials massively impacted by lower Traffic
6M 2020 Results Financials massively impacted by lower Traffic € mil. Group revenue Group EBITDA Group result after minorities 1,783 1,5141 512 911 157 7941 23 -211 6M 2019 6M 2020 6M 2019 6M 2020 6M 2019 6M 2020 Negative traffic performance, predominantly starting in March, leads to lower Group r
Slide 5: Segment Overview – P&L
6M 2020 Results Q2 2020 Group Opex Reduction: Staff cost c.-36% I Segment Overview – P&L Non-staff cost excl. IFRIC 12 c.-43% Aviation 6M 2020 6M 2019 % Retail & Real Estate 6M 2020 6M 2019 % Revenue 251.6 494.7 -49.4 Revenue 157.5 241.3 -34.7 - Retail 48.1 104.3 -53.9 - Aviation charges1 176.5 389.
Slide 6: Performance of Major Airport Investments
6M 2020 Results Performance of Major Airport Investments Share in in € million % Revenue1) EBITDA EBIT Result 6M 2020 6M 2019 Δ% 6M 2020 6M 2019 Δ% 6M 2020 6M 2019 Δ% 6M 2020 6M 2019 Δ% Fraport USA 100 21.8 38.6 –43.5 8.8 24.6 –64.2 –13.8 2.7 – –17.1 –1.7 – Fraport Slovenija 100 9.4 22.6 –58.4 0.1 8
Slide 7: FCF negative due to Capex and COVID-19 Impacts on OCF
6M 2020 Results FCF negative due to Capex and COVID-19 Impacts on OCF in € mil. -161 -6 -17 -17 +1 +35 4,765 -214 -68 -44 -97 -30 4,147 Free Cash Flow 6M 2020: € -653 mil. Net debt Brazil Other Fixed IAS 23 IFRS Divs from Other Net debt OCF Greece Lima FRA YE 2019 capex capex concession borrowing 16
Slide 8: Financing Activities boost Liquidity to just under €3bn
6M 2020 Results Financing Activities boost Liquidity to just under €3bn € mn 2,942 793 2,149 1.373 Of which: 1.244 Total 1,706 580 Frankfurt EUR 500 mn Brazil EUR 80 mn Secured 1.275 Credit Lines 550 -653 Of which: -179 Frankfurt EUR 1.003 mn Group 1.569 Lima EUR 109 mn Brazil EUR 43 mn 1,569 Liquid
Slide 9: Maturity Profile & Cash Position as at June 30, 2020
6M 2020 Results Maturity Profile & Cash Position as at June 30, 2020 € mil. 6.500 6,334 6.000 €5.00 bn Fraport AG debt 5.500 Average debt condition 5.000 € 1.09 bn Greece debt ~ 2.1 % interest rate 4.500 € 240 mn Brasil debt 4.000 3.500 3.000 2.500 2,149 2.000 1.570 163 1.500 1,569 1.000 8 11 12 12
Slide 10: Agenda: Business Update
1 I 6M 2020 Results 2 I Business Update 3 I Outlook 4 I Appendix
Slide 11: COVID-19 Market Environment
Business Update Update as of COVID-19 Market Environment August 4th, 2020 Frankfurt International Activities - Since 21 June 2020, entry restrictions for Germany have been - Lima: Airport was temporarily closed (mid March-July 14th), removed for travelers from EU and Schengen countries, States domes
Slide 12: COVID-19 turns Traffic clearly negative
Business Update FRA July Continental ~-75% COVID-19 turns Traffic clearly negative Intercontinental ~-92% D D D D Fraport JUL YTD FY FY Airport operations previous previous previous previous Share 2020 2020 2019 2018 year year year year Frankfurt 100% 1,318k -81.0% 13,495k -66.7% 70,556k +1.5% 69,51
Slide 13: Frankfurt Recent Developments
Business Update Frankfurt Recent Developments Supply (Seats)* Seat Load Factor 100,0% 100% 80,0% 70,7% 80% 60,0% 60% 40% 29% 40,0% 20,0% 32,5% 20% 21% 0% 0,0% CW 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 CW 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 Continental Intercontinental * compared to 2019 C
Slide 14: Lufthansa strengthens its position in Frankfurt
Business Update Lufthansa strengthens its position in Frankfurt Lufthansa and Fraport to found strategic joint Lufthansa has doubled its Train to Flight venture „FRA Alliance“ Offering in Germany • Lufthansa and Fraport join forces to develop • Lufthansa with Deutsche Bahn, is connecting Frankfurt A
Slide 15: Traffic Trends in International Airport Portfolio
Business Update Traffic Trends in International Airport Portfolio Lima KW 28 0,0 (-100%) Varna & Burgas KW 28 St. Petersburg KW 28 2,0 (-99%) 42,2 (-85%) (06.-12.) 0,0 (-100%) (06.-12.) (06.-12.) 221,0 (-29%) Int. PAX KW 29 0,0 (-100%) KW 29 Int. PAX KW 29 1,0 (-99%) Dom. PAX 53,2 (-82%) (13.-19.) 1
Slide 16: Cash Preservation: Opex Reduction and Capex Reduction
Business Update Cash Preservation 1 I Opex Reduction 2 I2 Capex I Capex Reduction Reduction I Short term I Mid term I Short term I Mid term 16 IR Presentation I 6M 2020 Results I 7M 2020 Traffic
Slide 17: Opex Reduction: Short term and Mid term
Business Update Opex Reduction 1 I Short term 2 I Mid term I Short time work I Significant Reduction of Personnel I Infrastructure adaption I Infrastructure adaption I All non-staff items I All non-staff items 17 IR Presentation I 6M 2020 Results I 7M 2020 Traffic
Slide 18: Capex Reduction: Short term and Mid term
Business Update Capex Reduction 1 I Short term 2 I Mid term Frankfurt Other Capex sustainably lowered to: €~200-250mn p. a. = €~1bn Savings over next 7Y T3 Inauguration delayed to 24/25 Capex profile stretched Lima Terminal Construction under review USD1+bn Program Brazil & Greece Completion of majo
Slide 19: Agenda: Outlook
1 I 6M 2020 Results 2 I Business Update 3 I Outlook 4 I Appendix
Slide 20: Outlook: Clearly negative due to Corona
Outlook Duration and magnitude of Clearly negative due to Corona Coronavirus impact not yet fully assessible 2019 Results Corona impact Down in high double digit Passengers FRA 70.6 mil. percentage range Revenue excl. IFRIC 12 € 3.26 bn Clear negative development EBITDA € 1,180 mil. Very clear negat
Slide 21: Agenda: Appendix
1 I 6M 2020 Results 2 I Business Update 3 I Outlook 4 I Appendix
Slide 22: Group P+L
Appendix Group P+L € million 6M 2020 6M 2019 Q2 2020 Q2 2019 Revenue 910.6 1,783.0 249.5 979.2 Change in work-in-process 1.0 0.2 0.8 0.0 Other internal work capitalized 18.5 18.2 8.9 9.4 Other operating income 25.0 23.3 13.9 5.8 Total revenue 955.1 1,824.7 273.1 994.4 Cost of materials –366.3 –612.3
Slide 23: Group Cash Flow
Appendix Group Cash Flow € million 6M 2020 6M 2019 Q2 2020 Q2 2019 € million 6M 2020 6M 2019 Q2 2020 Q2 2019 Result attributable to shareholders of Fraport AG –211.3 157.2 –182.3 126.7 Investments in airport operating projects –156.9 –378.2 –59.2 –200.0 Result attributable to non-controlling interes
Slide 24: Group Financial Position
Appendix Group Financial Position Assets Liabilities and equity € million June 30, 2020 Dec. 31, 2019 € million June 30, 2020 Dec. 31, 2019 Shareholders’ equity Non-current assets Issued capital 923.9 923.9 Goodwill 19.3 19.3 Capital reserve 598.5 598.5 Investments in airport operating projects 3,21
Slide 25: Aviation
Appendix Aviation in € mil. 122 -213 -77 EBITDA € -199mil. +16 -22 +27 -8 +1 Other Staff Other EBITDA Aviation Security Other EBITDA income cost opex 6M 2019 charges1 services revenue 6M 2020 1Aviation charges incl. reimbursements to airlines based on 2019 growth incentives. 25 IR Presentation I 6M
Slide 26: Retail & Real Estate
Appendix Retail & Real Estate in € mil. 197 -56 -3 -24 +5 +9 124 -1 -3 EBITDA € -73mil. EBITDA Retail Real Parking Other Other Staff Other EBITDA 6M 2019 Estate revenue income cost opex 6M 2020 26 IR Presentation I 6M 2020 Results I 7M 2020 Traffic
Slide 27: Ground Handling
Appendix Ground Handling in € mil. 24 EBITDA €-84mil. -76 -60 -85 +14 +63 +2 -2 EBITDA GH Infrastructure Other Other Staff Other EBITDA 6M 2019 revenue charges revenue income cost opex 6M 2020 27 IR Presentation I 6M 2020 Results I 7M 2020 Traffic
Slide 28: International Activities & Services
Appendix International Activities & Services EBITDA in € mil. 170 -13 -62 -1 -11 -8 -36 USA EBITDA € -134mil. -16 +12 36 EBITDA Brasil Greece Twin Star Slovenija Lima USA Other EBITDA 6M 2019 6M 2020 28 IR Presentation I 6M 2020 Results I 7M 2020 Traffic
Slide 29: 7M 2020 Frankfurt Passenger Split
Appendix 7M 20 Frankfurt Passenger Split Western Europe Domestic Eastern Europe 43% 11% 9% North America D -67% D -67% D -68% 12% Frankfurt Airport Far East D -70% Middle East 10% 6% D -69% Africa 5% D -63% Latin America D -61% 5% Continental Intercontinental 63% 37% D -52% D -67% D -66% 29 IR Prese
Slide 30: FY 2019 Frankfurt Passenger Split
Appendix FY 2019 Frankfurt Passenger Split Western Europe Domestic Eastern Europe 44% 11% 9% North America D +1% D -3% D +3% 13% Frankfurt Airport Far East D +4% Middle East 10% 5% D +1% Africa 5% D +2% Latin America D +9% 3% Continental Intercontinental 64% 36% D +4% D +0.4% D +3.4% 30 IR Presentat
Slide 31: COVID-19 Infection Rates
Business Update COVID-19 Infection Rates 22 Brazil New infections per 100,000 inhabitants (rolling 14-days average) 21 20 USA 19 18 17 16 Peru 15 14 13 12 11 10 Russia 9 India 8 Bulgaria 7 6 Turkey 5 Slovenja 4 Germany 3 2 Greece 1 China 0 09.03.2020 23.03.2020 06.04.2020 20.04.2020 04.05.2020 18.05
Slide 32: Dates: Financial and Traffic Calendar
Appendix Dates 2020 Financial Calendar Mar 13, 2020 May 6, 2020 May 26, 2020 Aug 4, 2020 Nov 4, 2020 FY 3M AGM 6M 9M 2020 Traffic Calendar Apr12, Apr 15,2019 2020 May 14, 2020 Jun 15, 2020 Jul 13, 2020 Aug 13, 2020 3M 4M 5M 6M 7M Sep 11, 2020 Oct 13, 2020 Nov 12, 2020 Dec 11, 2020 Jan 18, 2021 8M 9M
Slide 33: Thank you for your Attention!
Thank you for your Attention! IR Contact Postal T: +49 69 690 - 74840 Fraport AG F: +49 69 690 - 74843 Frankfurt Airport Services Worldwide M: investor.relations@fraport.de 60547 Frankfurt am Main www.meet-ir.com Germany 33 IR Presentation I 6M 2020 Results I 7M 2020 Traffic